According to a study by the Department of Municipalities and Transport, Abu Dhabi followed Sharjah’s enormous success in real estate sales by recording $5.729 billion (AED21.04 billion) in real estate transactions in the third quarter.
If Sharjah’s massive revenue were drawn after the completion of 65,314 transactions in total, Abu Dhabi reached the milestone after finalizing a total of 4,441 property transactions in the period.
The Third Quarter Saw Property Transactions In Abu Dhabi Total $5.729 Billion
The department’s quarterly report details the purchases, sales, and mortgages of various kinds of land, buildings, and real estate – 1,995 real estate sales worth Dhs5.39bn, and 2,446 mortgage transactions worth Dhs15.64bn.
Often acclaimed as the cultural hub of Abu Dhabi, the Al Saadiyat Island came in first with transactions totaling Dhs929m, followed by the most popular Yas Island, with transactions totaling Dhs1bn.
Formerly Emirates Pearl Island, Al Reem Island came in second with Dhs541m in transactions, followed by Khalifa City with Dhs208m.
Al Shamkha, a sizable modern neighborhood outside of the heart of Abu Dhabi, came in third with a total of Dhs641m in transactions.
Mohammed bin Zayed City, meanwhile, recorded transactions totaling Dh182 million.
Speaking on the glorious occasion, Dr. Adib Al-Afifi, the Executive Director of the Real Estate Sector for the Department of Municipalities and Transport, stated that the Emirate of Abu Dhabi’s real estate market continues to deliver “outstanding results” and experience steady and “sustainable growth”.
He said that he hoped that by making the real estate market more transparent and opening up investment opportunities, Abu Dhabi would maintain its reputation as one of the most desirable cities in the world.
The real estate market is still growing in the neighboring city of Dubai, where sales of residential and commercial property reached $44 billion in the first eight months of the year.
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Take A Peek: Growth In The First Two Quarters
As the UAE’s real estate market continues to recover from the coronavirus-induced downturn, Abu Dhabi registered 7,474 property sales worth more than Dh22.51 billion ($6.1bn) in the first half of the year.
According to the report released by Abu Dhabi’s Department of Municipalities and Transport, the emirate reported 3,568 real estate purchase and sale transactions totaling Dh8.9 billion and 3,906 mortgage transactions totaling Dh13.6 billion over the period of January to June.
All different kinds of land, buildings, and real estate were purchased, sold, and mortgaged during this time, as documented in the department’s half-yearly report.
This should be noted in the light of UAE’s rapid growth in the real estate market after its slowdown in 2021 due to the coronavirus. In 2022, despite the nation’s economy continues to expand quickly, the pattern has persisted.
The UAE Central Bank’s reports back in July were also reportedly encouraging as the nation’s economy was on track to record its strongest annual expansion since 2011, growing by 8.2% in the first three months of this year due to higher oil prices and actions taken to lessen the effects of the Covid-19 pandemic.
The Central Bank also stated in its recent Quarterly Economic Review 2022 that growth in the first quarter was contributed by a significant increase in oil production and a discernible improvement in the real non-oil GDP.
An improvement in market sentiment in the real estate sector has also been attributed to economic support programs and government initiatives, such as retirement and remote worker residency permits and the expansion of the 10-year golden visa program.
Al Afifi’s statement before Q3 also reflected the probability of sustained growth and progress in the near future for the city of Abu Dhabi.
The Executive Director foresaw significant investment opportunities for Abu Dhabi back in July, especially with the introduction of several new projects that will strengthen Abu Dhabi’s real estate market.